Working with an advisor helps focus spending, saving balance

Study shows those without an advisor are not confident they have it right

Working with an advisor helps focus spending, saving balance
Steve Randall

Balancing current spending with long-term saving goals is easier with a financial advisor according to a new survey.

American financial services firm Northwest Mutual’s survey by Harris Poll asked adults in the general population about their financial goals and how working with a financial advisor can help.

More than two thirds of respondents with an advisor said they have clarity on how much they spend now against how much they save; for those without an advisor just 44% said so.

The findings show that those without an advisor are almost three times as likely (34% vs 13%) to say they are “not at all confident” that they have the right balance between spending and saving – and are also more likely to say debt reduction is a priority.

FAs make clients feel more financially secure
More than half of respondents said that working with an advisor makes them feel financially secure – just 21% of those without an FA said they feel financially secure.

Working with an advisor also makes three quarters feel that they are disciplined or highly disciplined financial planners compared to 37% of those without an advisor.

More than 7 in 10 people with an advisor said their plan has been created to endure market cycles --- compared to less than a third of those without an advisor (29%).